“‘In return for any direct government aid,’ he wrote, ‘the board and the management [of G.M.] should go. Shareholders should lose their paltry remaining equity. And a government-appointed receiver — someone hard-nosed and nonpolitical — should have broad power to revamp G.M. with a viable business plan and return it to a private operation as soon as possible.”
(Via NY Times.)
Amen. Been saying this for all government bailouts. Incompetence should not be rewarded and put in charge of fixing itself.